SPYR Technologies Enters into Material Definitive Agreement to Acquire GeoTraq, Inc.
SPYR Technologies (OTCQB: SPYR) announced a definitive agreement to acquire GeoTraq, Inc. from JanOne Inc. The acquisition aims to enhance SPYR's footprint in the fast-growing Internet of Things (IoT) sector. GeoTraq specializes in self-contained Mobile IoT modules for asset tracking and remote monitoring, designed to be user-friendly and cost-effective. Their proprietary WebTraq platform allows seamless connectivity and management. This strategic move is expected to broaden SPYR’s product offerings and support its growth in the IoT market, with GeoTraq's products set for deployment in Q1 2023.
- Acquisition of GeoTraq enhances SPYR's IoT product offerings.
- GeoTraq's modules are designed for easy deployment and low costs.
- The acquisition supports strategic growth in the IoT market.
- GeoTraq's products will be ready for deployment in Q1 2023.
- None.
THE WOODLANDS, Texas, May 31, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- SPYR Technologies [OTCQB: SPYR] (“SPYR” or the “Company”), a technology-focused holding company emphasizing the Internet of Things (“IoT”), announced today its entry into a material definitive agreement to acquire GeoTraq, Inc. from NASDAQ traded JanOne Inc. (NASDAQ: JAN).
GeoTraq develops and manufactures entirely self-contained and ultra-small Mobile IoT (Internet of Things) modules for asset tracking, location-based services, and sensor modules for remote monitoring. The modules are plug-and-play and include turnkey connectivity to cloud services via GeoTraq's proprietary cloud-based “WebTraq” platform. GeoTraq's mission is to provide “Simple IoT” at a low cost, with ease of deployment, ease of use, and plug-and-play functionality with no product development required of the customer.
“Mobile IoT” refers to managed IoT “Low Power Wide Area Networks” (LPWAN) in a licensed spectrum. IoT manufacturers are quickly embracing cellular connectivity, given its ability to deliver a secure, real-time device-to-cloud connection needed for remote monitoring, control, or management. This low-power, wide-area network capability is ideal for widely adopted consumer products, such as smartwatches, wearables, and asset trackers, as well as industrial and infrastructure applications, such as gas, water and electric metering, machine monitoring, factory automation, supply chain and logistics oversight.
GeoTraq’s new Mobile IoT modules are small, consume very low power, possess long battery life and global LPWAN connectivity. With their self-contained form factor, GeoTraq’s modules eliminate the hassle and cost of designing and building a printed circuit board for mounting. The GeoTraq modules work right out of the box by simply attaching a battery and antenna and activating the device on GeoTraq's WebTraq cloud platform.
The GeoTraq modules achieve very accurate indoor and outdoor positioning capability using only the LTE radio (no GPS or GNSS required) by cellular tower triangulation. The cellular chipset provides unique global coverage and is certified by operators worldwide. Engineered to enhance the capabilities of power saving mode and extended discontinuous reception, the GeoTraq Mobile IoT modules provide the valuable long battery life needed by many IoT use cases essential for the billions of devices, objects and machines across an increasingly connected world. GeoTraq Mobile IoT proprietary monitoring allows customers to designate adjustable triggers that generate customer-specific information used to track assets beyond just location – to virtually everything from monitoring the temperature of frozen products during shipment, to the amount of propane in a tank vessel, to the detection of humidity in a dry storage facility. The uses are endless.
Chris Chammas, Project Engineer of Geotraq, stated, “We are pleased to be joining the SPYR team and look forward to deploying our products world-wide. We have positioned our products and related services as a low cost way to track assets worldwide along with many associated special features.”
Tim Matula, CEO of SPYR Technologies, stated, “GeoTraq has built a product that can be used in multiple ways, not just tracking. Sensors can be added to provide the customer with additional data points such as temperature and motion along with other sensor driven data. We are very excited with this acquisition and look forward to continuing to build our company. Upon completion of this acquisition, SPYR will have two subsidiaries, Applied Magix and GeoTraq.”
GeoTraq’s initial product offerings are in the later stages of development and testing and will be available for deployment in Q1 of 2023.
Learn more about SPYR at https://ir.spyr.com/.
Learn more about GeoTraq by visiting the company’s website at www.geotraq.com.
Learn more about Applied Magix by visiting the company’s website at https://AppliedMagix.com.
About SPYR Technologies
SPYR Technologies (SPYR) is a technology focused holding company which, through its subsidiary Applied Magix Inc., develops and resells Apple® ecosystem compatible products, with an emphasis on the growing multibillion-dollar IoT smart home and connected car markets. SPYR continues to identify and target acquisitions that will grow its footprint in the industry and expand the products it offers consumers, including companies developing artificial intelligence (AI) and smart technology products.
About Applied Magix
Applied Magix, Inc. develops and resells Apple® ecosystem compatible products in the growing multibillion-dollar IoT smart home and connected car markets.
About GeoTraq
We have a vision for a simple, smart, connected world. We empower that vision through our self-contained, fully integrated, Mobile IoT modules. Our modules are designed with a small plug and play form factor for easy attachment of antenna, battery, and sensors. Combined with low-cost connectivity, GeoTraq creates real return on investment for all customers.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law. Investor Contact: (303) 991-8000 ir@spyr.com
Company Name: SPYR Inc, dba SPYR Technologies
Address: 6700 Woodlands Parkway, Ste 230 #331
The Woodlands, TX 77382
Email Address: ir@spyr.com
Public Relations Contact: ir@spyr.com
Email address: ir@spyr.com
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FAQ
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